SAN DIEGO, CA–(Marketwired – Nov 14, 2013) – Franklin Wireless Corp. (OTCQB: FKWL), the market leader in multi-mode wireless modems for 3G and 4G broadband data communications, today announced financial results for the first quarter of fiscal year 2014 ended September 30, 2013.
The Company reported net sales of $1.4 million for the quarter, compared with $13.1 million in net sales for the corresponding period of 2012. In addition, the Company reported a net loss of approximately $1.1 million, or $0.11 per basic and diluted share, compared with net income of approximately $739,000, or $0.06 per basic and diluted share, for the same quarter last year.
The decrease in net sales for the three months ended September 30, 2013 was due to several factors including lower market demand for USB modems, and the discontinuation of a chipset used as a component in one of the Company’s products, which negatively affected sales during the three months ended September 30, 2013. In addition, a large customer who purchased one of the Company’s products during the three months ended September 30, 2012, did not make any repeat purchases during the same period in 2013.
“During the first quarter of fiscal 2014, our revenues were obviously significantly lower on a year-over-year basis,” said OC Kim, president of Franklin Wireless. “We are addressing the various issues with respect to the decrease and are working diligently to complete the development and market introduction of new products in the near term.”
The Company’s 10-Q filing for the three month period ending September 30, 2013 is on file with the SEC(www.sec.gov).
About Franklin Wireless
Franklin Wireless Corp. (OTCQB: FKWL) is engaged in the design, manufacture and sale of high speed wireless data products including third generation (“3G”) and fourth generation (“4G”) modems, routers and modules. Our current products are focused on widely deployed cellular technologies including CDMA EVDO Rev A, HSPA, WiMAX and LTE. Franklin Wireless is headquartered in San Diego, California and has a majority ownership position in Franklin Technology Inc. For additional information, please visit www.franklinwireless.com.
Safe Harbor Statement:
Certain statements in this press release constitute “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements, expressed or implied by such forward-looking statements.
Franklin Wireless Corp.
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